According to the report, the global encryption software market accounted for about $2.20 Bn in 2015 and is expected to reach around $7.17 Bn by 2021, growing at a CAGR of around 21.7% between 2016 and 2021.
Encryption is a method that secures data by converting plain text into a cipher format during transmission. This method uses mathematical algorithms which convert the information into an unreadable format which can only retrieve using a secret code. The strength of an encryption code is calculated by its length which is determined by the number of bits used.The primary goal of encryption software is to encrypt and decrypt data, which also includes features such as shredding.
With the rising proliferation of cloud and mobile devices among enterprises, the data security concerns are also increasing. Moreover, it heightens the inclination of the data breach, theft and loss, commercial espionage, and cyber-attacks across several companies. With the rising strength and volume of commercial espionage among diverse industries pertaining to critical information the security of data is of prime importance. Thus, the embracement of advanced data security solutions has become crucial to companies. In addition, the strict regulatory compliance among diverse industry verticals such as BFSI and healthcare has mandated the implementation of data security solutions that are compliant with the certain standards.
By deployment type, cloud-based deployment accounted for the highest share in the encryption software market in 2015. It accounted for around 40% of the market share in the global market.The market is being accelerated by factors such as rising need for compliance with regulatory mandates by organizations for data protection and the rising demand for cloud services and cloud-based databases. The rising threat of theft of intellectual data is driving industries to adopt database encryption solutions, thereby enhancing the growth of the market during the forecast period.
Data-at-rest application has the highest market shared in encryption software market.Data-at-rest encryption software accounted for the considerable share of the total encryption software market.For data-at-rest, the two most commonly used encryption software methods includes Full Disk Encryption (FDE) and File-Level Encryption (FLE), with Full Disk Encryption software being which is broadly deployed method for protecting data against theft and ensuring compliance with the data privacy and data breach notification laws.
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North America is anticipated to hold the largest market share of the database encryption market during the next five years, followed by Europe.It accounted around50% of the market share in the global encryption software market.APAC is expected to grow at the highest CAGR during the estimated period.
Some of the prominent vendors in the encryption software market are IBM, Microsoft, Sophos Ltd, Gemalto, Net App Inc, Hewlett- Packard, Vormetric, Oracle, Intel, and Symantec.
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